$4,000 (present value) is deposited today at 9% compounded monthly. Compute the monthly payment that can be withdrawn each month for 2 years and empty the account. Use Tables 23-2A and 23-2B or a calculator.
Beaver Building Supply obtains 4- by 8-ft sheets of half-inch plywood from Macmillan Forest Products at $34 per sheet less 30% and 5%. The price is to be set to cover Beaver's overhead of 20% of the selling price and to provide an operating profit of 12% of the selling price. What should be the retail price per sheet?
A customer purchased a pair of shoes for $39.99, a shirt for $19.99, and a belt for $9.99. All prices include tax. The customer gave the sales clerk a one hundred dollar bill. How much change did the customer receive? (Hint: Solve using rounding, then compute the exact amount.)